Fiscal Fitness

How Do I Apply For A Mortgage?

by Ann Jones

Loan Officer, OCB

Buying a home is the biggest financial transaction most of us will make. And the mortgage for that home is the biggest loan we’ll ever need. So it’s no surprise that many people are intimidated by the process of getting that mortgage. However, applying for a loan is easier than you may think.

Generally, applying for a mortgage loan is just like applying for a car loan or credit card, but simply involves more information and more paperwork. Most lenders will allow you to apply in person, but some also have online applications that you can complete from any computer with an Internet connection, whenever it’s convenient for you.

The applications ask about your finances, including information about your occupation and any other types of credit you may have. If you’ve already chosen a house, you’ll also be asked to supply information about it. Lenders may ask for slightly different information, based upon their policies and decision-making processes.

Once you submit the application, it goes through a review process that’s known as underwriting. The lender may need additional information, such as copies of past tax returns. This is a normal part of the process, and the faster you respond to these requests, the sooner the lender will be able to give you an answer.

After a period of time, you’ll hear back from the lender. If your mortgage is approved, the lender will set up a time for a meeting known as a closing, at which you’ll take ownership of the home.